Ethereum is up, trading at less than $1,150 against the US dollar. ETH can drop significantly if there is a close below $1,000.
- Ethereum started a new decline below the $1,200 and $1,150 levels.
- The price is now trading below $1150 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,145 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if there is a close below the $1,085 level.
More Ethereum price drops
Ethereum fails to stay above $1200 and Moved to landing zone. ETH followed a downtrend and fell below the $1,150 support area.
There was a clear move below the 61.8% Fib retracement level of the recent major increase from the $1,076 swing low to $1,275. The price is now trading below $1150 and Simple moving average per 100 hours.
It is also trading below the 76.4% Fib retracement level of the recent major increase from the $1,076 swing low to $1,275 swing high. However, there is a major support near the $1,085 level. If the price of Ether remains above $1,085, the price may correct higher.
There is an immediate resistance on the upside near the $1,130 level. The next major resistance is near the $1,150 area. Besides, there is a major bearish trend line forming with resistance near $1,145 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The next major barrier is near the $1,200 level, above which the price may gain strength. In the mentioned case, the price may rise towards the $1280 resistance area.
More losses in ETH?
If Ethereum fails to rise above the $1,150 resistance, it may continue to decline. There is initial support on the downside near the $1,085 region. The next major support is near the $1050 area.
A break-down below the $1,050 support level could push the price even lower. In the mentioned case, the price may drop towards the $1000 level. Any further losses below the $1,000 level could set the pace for a sharp decline.
MACD per hour – ETH/USD’s MACD is gaining momentum in bearish territory.
Hourly RSI – The RSI for ETH/USD is now well below the 40 level.
Key Support Level – $1,085
Key Resistance Level – $1,150